September 29th, 2008
02:11 PM ET
6 years ago

House kills $700 billion bailout plan

The House of Representatives rejected the bailout plan Monday. Watch live coverage on CNN.com/live.
The House of Representatives rejected the bailout plan Monday. Watch live coverage on CNN.com/live.

WASHINGTON (CNN) - The House of Representatives Monday rejected a $700 billion plan to bail out the financial system, putting a roadblock in front of the largest government intervention in the market since the Great Depression.

Watch: GOP blames Pelosi

Republicans and Democrats blamed each other for the failure of the bill, which President Bush had urged Congress to approve.

Watch: GOP 'punished the country'

It was intended to reassure financial markets by giving the government the power to buy "illiquid assets" such as bad mortgages.

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Filed under: Congress
soundoff (405 Responses)
  1. sophia nyc

    8 years of Bush have destroyed the financial markets- globally, chipped away at our privacy and other liberties, destroyed a sovereign nation, etc..

    you likey?

    September 29, 2008 02:36 pm at 2:36 pm |
  2. Tony

    GET READY FOR A NEW WORLD ORDER PEOPLE!

    ONE THE FEDERAL GOVERNMENT GETS INTO THE FINANCIAL INSTITUTIONS THEY WILL NEVER GET OUT.

    WHEN THERE IS RIOTING IN THE STREETS DON'T SAY YOU WEREN'T WARNED.

    September 29, 2008 02:36 pm at 2:36 pm |
  3. Michael, watching from Canada

    Deregulation is the reason why the world, not just the US, is in a financial crisis.

    Deregulation is the Republican's policy to ensure a free market economy.

    Who has been telling the American public for months that the economy is strong and that the market will rebound?

    The Republican President, Bush.

    Who now is crying that there is a major financial crisis?

    The Republican President and his administration.

    The world is now in a financial mess......

    thanks to the Republicans.

    September 29, 2008 02:36 pm at 2:36 pm |
  4. CM

    Does McCain still want credit for this?

    Honestly, under Bush's watch we've had our economy decimated and our military strength stretched to near breaking.

    Why is this even a decision on who to vote for in Nov?

    September 29, 2008 02:36 pm at 2:36 pm |
  5. Barney

    The republicans do NOT want regulation. It happened as early as the 1980 – by the republicans

    1. 1982: Garn-St. Germain Depository Institutions Act
    2. 1987: Keating Five
    3. 1999: Gramm-Leach-Bliley Act
    4. 2000: Commodity Futures Modernization Act, which led to the rise of Credit Default Swaps

    The common thread? John McCain was involved in all of them.

    September 29, 2008 02:36 pm at 2:36 pm |
  6. Candy West Virginia

    You conservative rethuglicans are increible trying to spin this on the Democrats. You have the DEREGULATION party of republicans specifically John Mccain to thank for his deregulation efforts for getting us into this mess.

    September 29, 2008 02:37 pm at 2:37 pm |
  7. Rev Wright

    How has that equal oppurtunity lending working out for you liberals????? it seems the like of Chris Dodd, Obama, Bonnie "Weirdo "Frank made quite a bit of money off of all you who now cant afford your house payment.

    All I can do is laugh at you your precious liberal agenda put you in this mess. On the bright side I am sure you still own a cell phone

    September 29, 2008 02:37 pm at 2:37 pm |
  8. Chuck The Web Guy

    So how about that maverick now? He rode into town to fix all this and looks like he wasn't able to do much.

    September 29, 2008 02:37 pm at 2:37 pm |
  9. Obama to Pelosi

    Hey Sweetie! Give me a call in my hotel room when you guys figure things out. I'm pretty busy working on my next speech and not worrying about the economy I may inherit.

    Barack the Vote. Not........

    Carter=Bush=Obama... All idiots. Seriously, it's not the party, it's the person you should be voting for.

    What do they all have in common... Not a lick of Common Sense. I'm not saying they are not nice people, but we need some real leadership. I'm tired of speeches from Obama that sound as if they were written by Hugo Chavez.

    September 29, 2008 02:37 pm at 2:37 pm |
  10. Yvonne Heckman

    REPUBLICANS MESS IT UP AGAIN!!!!!!!!!!!!

    Blaming it on a speech is small and ridiculous. Anyone who is suffering from this failing economy, you can blame the republicans for it.

    September 29, 2008 02:37 pm at 2:37 pm |
  11. Jewel

    Oh Crap! There goes my 401K.

    September 29, 2008 02:37 pm at 2:37 pm |
  12. APH

    "liberal democrat failure"?

    How so? We've had a republican congress for almost 12 years and a Republican President WITH AN MBA for 8 years. I think this is a REPUBLICAN FAILURE.

    September 29, 2008 02:37 pm at 2:37 pm |
  13. Canadian POV

    Are you people insane? This goes way beyond Dems vs GOP or who can buy what. Do all of you have jobs with companies that won't need credit to make payroll on Friday. With comments like these its no wonder the once great USA is on its way to being a third world country. Seriously, people, think – this is very, very serious. The deal was flawed, yes but the consequences of the markets crashing is fatal.

    September 29, 2008 02:37 pm at 2:37 pm |
  14. MTT

    House Republicans rejected this bill to help McCain and Pallin.

    They can now use this as an excuse to delay or cancel the VP debate.

    September 29, 2008 02:37 pm at 2:37 pm |
  15. Nancy

    Good... May be the declining markets and a troubled economy will make people realized that we are where we are because of the policies of the past 8 years. So now... if you want to go deeper, please, please vote for McCain. But smart people will go for Obama regardless the party lines etc. If you are stupid, go vote for McCain, as for me, neither will be able to cut my over 110.000 annual income. For me, it won't matter but I am voting for Obama anyway.

    September 29, 2008 02:38 pm at 2:38 pm |
  16. Orlando

    This baby is going down. thanks to GW-McCrash.

    September 29, 2008 02:38 pm at 2:38 pm |
  17. Dan

    This is to ELECTION WATCHER

    The Republicans are the ones that came up short in the votes, oh well I guess we don't need credit or our 401k's anymore.

    Good luck America

    Army Ranger for Obama/Biden

    September 29, 2008 02:38 pm at 2:38 pm |
  18. BKB

    To Election Watcher..this is the dems stalling? Can you count? The republicans defeated the bill!!!!!!!

    September 29, 2008 02:38 pm at 2:38 pm |
  19. Connie

    I guess John McSenile left his Virginia office to soon and unsuspended his campaigning.For six years this country was controlled by the repubs, people had better think about it, this economy did not tank just in two years. PEOPLE WAKE UP. OBAMA/BIDEN 08
    Connie from Indiana

    September 29, 2008 02:38 pm at 2:38 pm |
  20. Tony

    HEY CHRISSY!

    THE FACT THAT YOU ARE A WOMAN AND FROM THE BACKWARDS STATE OF TEXAS EXPLAINS IT ALL! YIKES!

    September 29, 2008 02:38 pm at 2:38 pm |
  21. Barney

    Most of the republcians voted NO – another republican trick.

    September 29, 2008 02:38 pm at 2:38 pm |
  22. GI

    So much for McCain's "I'm going to Washington" approach. He made things worse and HIM injecting himself into the negotiations didn't do crap. Thanks for the Stunt!!!!!!!!!!

    September 29, 2008 02:38 pm at 2:38 pm |
  23. Nik

    I'm an Independent, but if I were going to spend this sum it would be for services we need as a people and not to bailout these financial markets. These markets just emphasize the that the quality of life we enjoy is just borrowed from the coming generations. The markets will readjust themselves like they have in the past. We have to think differently moving forward and change our behaviors.

    September 29, 2008 02:38 pm at 2:38 pm |
  24. Mel in GA

    GOOD..... the value of our dollar would have only decline by printing more money with nothing to 'really' back it.

    GREAT VOTE!!!!!!

    NOW WE CAN ALL LEARN HOW TO LIVE WITHIN OUR MEANS...

    September 29, 2008 02:38 pm at 2:38 pm |
  25. Chuck

    It seems the White Knight's (McCain's) supposed suspension of his campaign and rushing off to Washington to save America didn't work.

    Bush comes up with and encourages the plan (Republican); McCain the well known famous de-regulator has much to do with the mess we are in now (Republican); and a small contingent of House Republicans destory the Bill (Republican). Seems to me that everything Republican is kind of tainted nowadays. Time to kick the whole bunch out of there (Republicans). We need change.

    Vote Obama/Biden

    September 29, 2008 02:38 pm at 2:38 pm |
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